Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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Purple and Gold
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Re: Bitcoins - fad or trend?

Postby Purple and Gold » Wed Nov 15, 2017

Bucketeer wrote:
They usually need beer, cigarettes, personal hygiene products, and cat food


hahaha, thats funny
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed Nov 15, 2017

MaxGravy wrote:This last correction in BTC was around 25% so I picked up another .05. I now have .1 BTC.


Congrats. 25% dip indeed. Best time to buy.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu Nov 16, 2017

Bitcoin rising. How long until the next ATH?
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Re: Bitcoins - fad or trend?

Postby Long John » Thu Nov 16, 2017

SilverDoge wrote:Bitcoin rising. How long until the next ATH?

The average ATH on all exchanges, $7582, is actually not far above where BTC peaked this morning, but I think on a couple individual exchanges it reached into the $7800s earlier this month.

BTC hit my sell order of almost $7500 earlier this morning. I sold 2 coins not to cash out but to hopefully parlay into more than 2 at the next dip. Once again, a little fish splashing with the whales. :lol: I've regretted chickening out just before the last crash; I missed out on a chance to increase my BTC, by quite a bit as it turned out. This time I'm going for it, but only with a couple coins. I'm pretty confident $7500 is not the lowest BTC will ever be from this point forward. Buyback target is below $7K.

(Edit: BTC has actually reached and surpassed $7500 now. This morning it got to within a dollar before bouncing off. Busting through that barrier has triggered a buying spree. Here comes the ATH!)

The market overall has reached an all-time high of $221 billion, with Bitcoin's market share increasing again. It was 86% in February before alts exploded, dropped as low as 36% in June (ETH was 30% and there was "flippening" talk), climbed into the 60s early this month, dropped to 47.7% during the brief but intense BCH frenzy a few days ago, and today is 56.4%

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Thu Nov 16, 2017

Touched $7700 a few times just now, but there seems to be heavy resistance. Is this where the correction starts?

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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu Nov 16, 2017

Long John wrote:Is this where the correction starts?


$10,000. We will see resistance for sure.
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Nov 16, 2017

SilverDoge wrote:
Bucketeer wrote:Good post xelint.

Visa, MasterCard, and the banks are getting robbed from fraud. I gave an ex-girlfriend my ATM Bank card (Visa), and what was going to be a $30 purchase at Walmart turned into a $2500 shopping spree. I got robbed.

I've only used that ATM card for groceries from Winn-Dixie and Publix, and fuel for my truck,

Visa's fraud department sent me a text about the transaction, after the transaction was approved. I called Visa and my bank, explained the situation, and changed my accounts and my card. My ex is currently in prison for grand theft. I don't know if she has to make restitution once she gets out.

Somebody took the hit. My only cost was inconvenience for 1 day. Visa or the bank credited back my money within 24 hours. I doubt if the ex will ever be in a position to make restitution. I didn't loose any money. Visa or Walmart took the hit, which is why their credit card interest rates are so high.

The morel to the story is that I was a big dummy.

I should have given her cash for the purchase. I've ginen my ATM card and the PIN to several people here in my trailer park, and I've never had a problem getting repaid at the 1st of the month.

They usually need beer, cigarettes, personal hygiene products, and cat food. It didn't seem like a big deal with the ex, since I was already giving out the are ATM card to several people in the park. .My mistake, big dummy.

The end of the story


Tom, this story is hilarious. So many life lessons in just a few short paragraphs. Crypto can solve both global problems, and keep girlfriends on a short leash! :lol:


Well, let's put this into perspective. I''m 62 and she is 33. She needed a place to stay, and she is beautiful- a real knock out. She cooked and cleaned, and was a great a smuggle bunny.

She was a prostitute. She worked Back Pages in Orlando, and her rate was $250 per hour. She had 1 or 2 dates per day, which paid for her dope and other expenses. It never happened at my trailer. Sometimes I played bodyguard if she thought the date was sketchy. She didn't have a pimp, she was independent. Her clients were mostly married guys, they didn't want any problems with pimps or law enforcement. She is a classy girl.

She has a 2 year sentence. I gift her money to her commissary account every month

tdtwedt wrote:
SilverDoge wrote:
tdtwedt wrote:The IRS Is Puzzled: Why Out Of 500,000 Coinbase Users, Only 900 Reported Gains Or Losses


I can't believe 900 people sold their bitcoin back for dirty fiat. That is the real mystery. You know they are regretting that decision, if they sold back in 2015 or 2016.


Sounds to me like the IRS has everyone's information that uses coinbase and is going to look through the completed tax returns to compare the data. If there is a mystery maybe they can figure out the solution. ;)


Your wrong again tdtwedt. Coinbase and the IRS are gonna settle for the previous years, hand over over some big fish to make an example. and Coinbase will start sending out 1099s to it's customers.
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu Nov 16, 2017

Bucketeer wrote:
SilverDoge wrote:
Bucketeer wrote:Good post xelint.

Visa, MasterCard, and the banks are getting robbed from fraud. I gave an ex-girlfriend my ATM Bank card (Visa), and what was going to be a $30 purchase at Walmart turned into a $2500 shopping spree. I got robbed.

I've only used that ATM card for groceries from Winn-Dixie and Publix, and fuel for my truck,

Visa's fraud department sent me a text about the transaction, after the transaction was approved. I called Visa and my bank, explained the situation, and changed my accounts and my card. My ex is currently in prison for grand theft. I don't know if she has to make restitution once she gets out.

Somebody took the hit. My only cost was inconvenience for 1 day. Visa or the bank credited back my money within 24 hours. I doubt if the ex will ever be in a position to make restitution. I didn't loose any money. Visa or Walmart took the hit, which is why their credit card interest rates are so high.

The morel to the story is that I was a big dummy.

I should have given her cash for the purchase. I've ginen my ATM card and the PIN to several people here in my trailer park, and I've never had a problem getting repaid at the 1st of the month.

They usually need beer, cigarettes, personal hygiene products, and cat food. It didn't seem like a big deal with the ex, since I was already giving out the are ATM card to several people in the park. .My mistake, big dummy.

The end of the story


Tom, this story is hilarious. So many life lessons in just a few short paragraphs. Crypto can solve both global problems, and keep girlfriends on a short leash! :lol:


Well, let's put this into perspective. I''m 62 and she is 33. She needed a place to stay, and she is beautiful- a real knock out. She cooked and cleaned, and was a great a smuggle bunny.

She was a prostitute. She worked Back Pages in Orlando, and her rate was $250 per hour. She had 1 or 2 dates per day, which paid for her dope and other expenses. It never happened at my trailer. Sometimes I played bodyguard if she thought the date was sketchy. She didn't have a pimp, she was independent. Her clients were mostly married guys, they didn't want any problems with pimps or law enforcement. She is a classy girl.

She has a 2 year sentence. I gift her money to her commissary account every month


Oh man, this story gets funnier and funnier. You originally said she was an "ex" but now refer to her as a "classy" prostitute? I'm afraid to ask for further clarification. So is she in jail from stealing from you, or for other charges?

Can you gift her money to the commissary in crypto? Now that would be impressive.
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Double3
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Re: Bitcoins - fad or trend?

Postby Double3 » Thu Nov 16, 2017

I need to hear more.... :pop:





:lol:

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Nov 16, 2017

Oh man, you guys.

I toss Kristin $100 a month. and visit visit her once a a month. I like her, and I want her to be successful. after prison.

My last job before I retired was working for the State of Florida. I processed food assistance and medicaid applications, interviewed the applicants, and awarded the benefits (DCF). Food assistance (FA) is a huge deal. I was generally negative about FA until I became aware and understood that FA is a subsidy that benefits People, The States, Farmers, Groceries Stories, Truckers, and Store Clerks.

I've interviewed a lot of people that I believed were lying about their situation. I've also talked to people that were in desperate situations. I've never quit a job before DCF. The system sucks, but they provide help to a lot of people.

You wound not believe some of stories I've been told.

Let's get back to Bitcoin
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Re: Bitcoins - fad or trend?

Postby Silversummit » Thu Nov 16, 2017

Long John wrote:Touched $7700 a few times just now, but there seems to be heavy resistance. Is this where the correction starts?

I think that resistance is broke.
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Re: Bitcoins - fad or trend?

Postby Altima » Thu Nov 16, 2017

Bitcoin broke 8000 ! :pop:
"Two things define you. Your patience when you have nothing, and your attitude when you have everything."

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Nov 16, 2017

SilverDoge wrote:
Bucketeer wrote:
SilverDoge wrote:
Bucketeer wrote:Good post xelint.

Visa, MasterCard, and the banks are getting robbed from fraud. I gave an ex-girlfriend my ATM Bank card (Visa), and what was going to be a $30 purchase at Walmart turned into a $2500 shopping spree. I got robbed.

I've only used that ATM card for groceries from Winn-Dixie and Publix, and fuel for my truck,

Visa's fraud department sent me a text about the transaction, after the transaction was approved. I called Visa and my bank, explained the situation, and changed my accounts and my card. My ex is currently in prison for grand theft. I don't know if she has to make restitution once she gets out.

Somebody took the hit. My only cost was inconvenience for 1 day. Visa or the bank credited back my money within 24 hours. I doubt if the ex will ever be in a position to make restitution. I didn't loose any money. Visa or Walmart took the hit, which is why their credit card interest rates are so high.

The morel to the story is that I was a big dummy.

I should have given her cash for the purchase. I've ginen my ATM card and the PIN to several people here in my trailer park, and I've never had a problem getting repaid at the 1st of the month.

They usually need beer, cigarettes, personal hygiene products, and cat food. It didn't seem like a big deal with the ex, since I was already giving out the are ATM card to several people in the park. .My mistake, big dummy.

The end of the story


Tom, this story is hilarious. So many life lessons in just a few short paragraphs. Crypto can solve both global problems, and keep girlfriends on a short leash! :lol:


Well, let's put this into perspective. I''m 62 and she is 33. She needed a place to stay, and she is beautiful- a real knock out. She cooked and cleaned, and was a great a smuggle bunny.

She was a prostitute. She worked Back Pages in Orlando, and her rate was $250 per hour. She had 1 or 2 dates per day, which paid for her dope and other expenses. It never happened at my trailer. Sometimes I played bodyguard if she thought the date was sketchy. She didn't have a pimp, she was independent. Her clients were mostly married guys, they didn't want any problems with pimps or law enforcement. She is a classy girl.

She has a 2 year sentence. I gift her money to her commissary account every month


Oh man, this story gets funnier and funnier. You originally said she was an "ex" but now refer to her as a "classy" prostitute? I'm afraid to ask for further clarification. So is she in jail from stealing from you, or for other charges?

Can you gift her money to the commissary in crypto? Now that would be impressive.
Gentlemen prefer Engelhard.

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Thu Nov 16, 2017

BOOM

I hate when I miss all the excitement.

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Re: Bitcoins - fad or trend?

Postby texmex66 » Thu Nov 16, 2017

LOLOLOLOLOL :pop:

Dear Coinbase customer,

There have been a number of developments with Bitcoin Segwit2x since our last update. No action is required and all funds stored on Coinbase remain safe.

Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.

We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.

To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.

Scenario 1: Network is unusable
If support for the fork remains at current levels or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario.

If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.

Scenario 2: Network is usable
If transactions are being confirmed at a reasonable speed and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.

We will keep customers updated through our blog.

Thank you,

Coinbase Team

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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Nov 17, 2017

Who would have ever seen this coming...?? :lol:

"After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering"
Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a "fraud" which is "worse than tulip bulbs, warning it won't end well", will "blow up" and "someone is going to get killed" and threatened that "any trader trading bitcoin" will be "fired for being stupid" as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over money laundering and "seriously violating supervision laws."

http://www.zerohedge.com/news/2017-11-16/after-slamming-bitcoin-money-laundering-tool-jpmorgan-busted-money-laundering

And check out this choice quote from JP Morgan's Marko Kolanovic,

"While we think unlikely, a tail risk could be a backlash against central banks that prompts significant changes in the monetary system. In many possible outcomes, inflation is likely to pick up."
http://www.zerohedge.com/news/2017-11-16/fed-hints-during-next-recession-it-will-roll-out-income-targeting-nirp
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Nov 17, 2017

Peter Schiff is a smart guy. He understands economics, free markets, politics, and precious metals. This podcast video is very informative, and I agree with almost everything he says until they get to the final segment. The last 30 minutes or so of this, Joe asked Peter about his feelings on crypto. Joe has also done at least two podcasts with Andreas, so he is well aware of bitcoin. Peter's response about crypto is understandable as a hard money guy. I think it is important to think of and address some of these real issues/objections that people have in regards to crypto, to include Peter Schiff's.



Peter's solution is a company like GoldMoney. I really like the business model that Peter spoke of, and how this GoldMoney debit card works, assuming transaction costs are cheaper than a credit card. There are two large problems with his solution though.

1) Where do I place my trust? In bitcoin and crypto, my trust is placed in free markets, and that humans will act in their own self-interests. What do I mean? It takes a high level of consensus to change bitcoin's governance, and therefore its algorithms. There will only ever be 21 million bitcoins because there is no way anybody could ever get a consensus to change that number. Just look at how hard it is to get a consensus over something we all want - to fix the scaling problems. Bitcoin's blockchain is open source for anyone to verify. With GoldMoney, I need to place my trust in that company, and Brink's. I also need to trust that whichever nation I choose (US, Switzerland, Singapore, Hong Kong, etc) to use for my storage, would never raid, steal, or outlaw my gold holdings. I also need to trust that the gold is actually there, not rehypothecated or being "owned" by more than the stated owner. Am I trusting a company audit, a 3rd party auditor, who? These are all counter party risks. The old gold saying of "if you don't hold it you don't own it" rings true for a lot of people. So while I understand what GoldMoney is trying to do, it creates this level of risk and trust in people I don't know, will never meet, and have nothing more than a legal obligation (I assume) to act on my behalf. And what if the company goes bankrupt? Or gets nationalized by a corrupt government?

2) This leads to my second point which is censorship resistance. A government or company can restrict your ability to send another party money for whatever reason they want. Visa can say we won't let you buy AR-15 ammunition. Politicians can say you can't give money to Wikileaks. YouTube can say we won't monetize your channel because it is offensive. If I use GoldMoney, this same risk still exists. GoldMoney, or Mastercard (who run the transactions), or any government can still restrict usage because I have to use this third party (GoldMoney) to process my payments. With bitcoin (and crypto) I can transact peer to peer, either face to face or online. I do not need ANYONE's permission. People underestimate this feature of money, but I promise you it is going to become more and more important the crazier our society becomes. And I didn't even touch on capital controls. If a government wants to stop outflows of money, it can regulate businesses and limit transaction sizes. What happens to GoldMoney in this instance? While the same argument can be made in regards to Coinbase, the difference is I still have other options - like decentralized exchanges and simple peer-to-peer transactions without using an exchange.

Finally, Peter says that bitcoin can't work because it essentially has no intrinsic value, it isn't a store of value, has no history as money, etc. We've covered these arguments before, but Peter is just wrong here. While there are definitely people buying bitcoin merely from the speculation/investment aspect, the crypto world is fully voluntary. So Peter saying it can't work as money is already incorrect. It is working, and it has for nearly a decade now. Where he is right is that it is currently unpredictable and volatile so as a businessman he doesn't want to accept it because of his razor thin margins - yet GoldMoney does accept crypto (which it converts to fiat via BitPay). I find that a bit ironic. So he is claiming it can't work as money because it is too volatile all the while GoldMoney accepts my bitcoin. Hmmmmm. 8-)
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Nov 17, 2017

SilverDoge wrote:Finally, Peter says that bitcoin can't work because it essentially has no intrinsic value, it isn't a store of value, has no history as money, etc.

Well, I sold 2 BTC for $14,990 a couple days ago, and 1 BTC for $7400 a couple weeks ago for a really nice set of teeth. On a personal level, his points are exploded. No store of value? :lol:

That leaves volatility and risk and crime, which are a valid concerns for many people. If we want no regulation whatsoever, we must live with those things because there is nowhere to turn if our caution fails. Scammers and criminals roam free in the cryptoverse. But as Enron, Bear Stearns, Madoff and just now JP Morgan have shown us, regulation does not stop crime in the traditional world of finance/investment.

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Re: Bitcoins - fad or trend?

Postby Rik Bitter » Fri Nov 17, 2017

Long John wrote:
SilverDoge wrote:Finally, Peter says that bitcoin can't work because it essentially has no intrinsic value, it isn't a store of value, has no history as money, etc.

Well, I sold 2 BTC for $14,990 a couple days ago, and 1 BTC for $7400 a couple weeks ago for a really nice set of teeth. On a personal level, his points are exploded. No store of value? :lol:

That leaves volatility and risk and crime, which are a valid concerns for many people. If we want no regulation whatsoever, we must live with those things because there is nowhere to turn if our caution fails. Scammers and criminals roam free in the cryptoverse. But as Enron, Bear Stearns, Madoff and just now JP Morgan have shown us, regulation does not stop crime in the traditional world of finance/investment.


Being able to exchange it for another form of fiat does not give it intrinsic value. It just means you've found someone who values it the same as you do. Bitcoins by definition do not have any intrinsic value. They are numbers in a ledger, nothing more.
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Fri Nov 17, 2017

Rik Bitter wrote:
Long John wrote:
SilverDoge wrote:Finally, Peter says that bitcoin can't work because it essentially has no intrinsic value, it isn't a store of value, has no history as money, etc.

Well, I sold 2 BTC for $14,990 a couple days ago, and 1 BTC for $7400 a couple weeks ago for a really nice set of teeth. On a personal level, his points are exploded. No store of value? :lol:

That leaves volatility and risk and crime, which are a valid concerns for many people. If we want no regulation whatsoever, we must live with those things because there is nowhere to turn if our caution fails. Scammers and criminals roam free in the cryptoverse. But as Enron, Bear Stearns, Madoff and just now JP Morgan have shown us, regulation does not stop crime in the traditional world of finance/investment.


Being able to exchange it for another form of fiat does not give it intrinsic value. Bitcoins by definition do not have any intrinsic value. They are numbers in a ledger, nothing more.


Rik you are both right and wrong at the same time ;)

Are they just numbers in a ledger? Yes. Do bitcoins have intrinsic value from a commodity currency perspective? No. So you are correct. The value, however, comes from how those numbers in that ledger are created, defined, understood, and used. The vast majority of our fiat money is just numbers in a (bank account) ledger, nothing more. That seems to work out currently. Bitcoin merely improves on that system by having a very specific emission (inflation) rate that is verifiable and not subject to human emotion and central planners.

The fault in thinking that only something with intrinsic value can have worth is clearly on display in the real world. Intellectual property networks have value. Bitcoin has this in spades. If 100 million people believe something has value, even though you can't eat it or make a widget out of it - it has value. Today, that value priced in USD is above $7,800 per bitcoin. Or $7.80 per milliBit. What will it be tomorrow? Who knows. It depends how many people value free trade and a predictable money, over ever-declining fiat. Could it go back to $200? Sure, it is possible. But I will be buying hand over fist at those prices. I'm sure I wouldn't be alone.

Rik Bitter wrote:It just means you've found someone who values it [bitcoin] the same as you do.

By trading bitcoin for anything (be it dental care, USD, or a new car) means that one party values the bitcoin MORE than the other good they are trading or else the trade would not take place. This is the beauty of free trade and open markets. Both parties win because they value the thing they are receiving more than the thing they are giving up, or the trade would not occur. We consider this a good thing in free markets. Is this a bad feature somehow for bitcoin? Or do you simply disagree with its current value?
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